Analysts at Rabobank explain that the FOMC raised the target range for the federal funds rate by 25 bps to 1.50%-1.75% and there were no dissents, which is illustrative of the more hawkish composition of the FOMC in 2018.
â€œThe median dot for 2018 has remained unchanged at three hikes, but the mean dot did increase. Only a one-dot move in June is now needed for four 2018 hikes.â€
â€œThe changes to the economic projections were objectively speaking relatively hawkish, but they did fell short of the ramped-up market expectations going into the meeting.â€
â€œThe press conference lacked a certain degree of depth and color.â€